Compliance and consulting work tied to COVID-19 relief created new — and ongoing — business opportunities for CPA firms, a recent consulting firm survey finds.
Data from the survey showed 58% of respondents reported the pandemic had a positive impact on their revenue. Only 2% said it had a negative impact.
Much of the added revenue was a result of helping clients with paycheck protection program (PPP) payments and employee retention credit (ERC) consulting.
The firms that performed this enhanced work now have a competitive advantage over other firms, the survey concludes. See more findings.